Importance of Term Insurance for Electrical Power-Line Installers and Repairers

Electrical power-line installers and repairers are vital to establishing and developing the electrical infrastructure that supports homes and businesses. Their jobs often require them to work at significant heights, such as climbing utility poles or working on overhead lines, which can be risky. Given the hazardous nature of this profession, it is vital to have a term plan for securing their family's future finances. Let’s explore why term insurance is crucial for them, the advantages of term insurance, and the key factors to consider when choosing the right plan.

Electrical power-line installers and repairers are vital to establishing and developing the electrical...

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Who Are Electrical Power-Line Installers and Repairers?

Electrical power-line installers and repairers are professionals who work on installing and repairing electrical power lines in various locations to allow the safe transfer of electricity. Their jobs are characterised by significant physical exertion and exposure to hazardous conditions, making it essential for them to have financial protection through term insurance.

Why is Term Insurance Important for Electrical Power-Line Installers?

Term insurance serves several essential functions for electrical power-line installers and repairers

Financial Protection for your family

Financial Security for Families

Term insurance provides financial support to the family in case of an untimely death. The payout helps meet day-to-day expenses, educational expenses, and even debts.

Highly Affordable Premiums

Affordable Premiums

Term insurance is much cheaper than permanent life insurance; most workers, especially those with fluctuating incomes, can afford it.

online-process

Simple Claim Process

Claims are generally settled rather easily, and funds can quickly be made available to families.

Critical illnesses included in the same plan

Critical Illness Coverage

Most term policies have add-on riders for critical illnesses, which provide additional protection to the insured against health-related issues.

peace of mind

Peace of Mind

With their families' financial security covered, electrical power-line installers could focus on their demanding work without added stress.

What to Keep in Mind When Choosing Term Insurance

Choosing the right term insurance plan is a crucial decision for electrical power-line installers:

Coverage Sum: Determine your family's needs to estimate a sufficient coverage sum assured.

Policy Duration: Choose a term to suit your family's financial goals and needs.

Repute of the Insurer: Research the insurers and their previous track records in customer service and paying claims.

Flexibility of Premium Payments: Choose plans that offer flexible payment schedules to fit your schedule.

Additional Benefits

Look for policies offering riders additional death or critical illness cover. Explore ACKO’s valuable riders, including the ACKO Life Accidental Death Benefit Rider , the ACKO Life Accidental Total Permanent Disability Benefit Rider, and the ACKO Life Critical Illness Benefit Rider.

The Critical Illness Rider covers 21 critical illnesses, including life-threatening common illnesses among women, such as breast, cervical, fallopian, and ovarian cancer.

List of Covered Critical Illnesses

Cancer of Specified Severity
Myocardial Infarction (First Heart Attack Of Specific Severity)
Open Chest CABG
Open Heart Replacement Or Repair Of Heart Valves
Coma Of Specified Severity
Kidney Failure Requiring Regular Dialysis
Stroke Resulting In Permanent Symptoms
Major Organ /Bone Marrow Transplant
Permanent Paralysis Of Limbs
Motor Neuron Disease With Permanent Symptoms
Multiple Sclerosis With Persisting Symptoms
Benign Brain Tumor
Blindness
Deafness
End Stage Lung Failure
End Stage Liver Failure
Loss Of Speech
Loss Of Limbs
Major Head Trauma
Primary (Idiopathic) Pulmonary Hypertension
Third Degree Burns

Factors Determining Term Insurance Premium for Power-Line Installers

Calculating term insurance premiums for electrical power-line installers and repairers involves several factors. Here are some of the main elements.

Occupation Risk Level

Electrical power-line jobs are inherently risky. Insurance companies assess the associated risk levels for the job, including exposures such as high-voltage equipment and working at heights. Therefore, the greater the risks, the higher the premiums.

Age and Health

Age and health are very significant variables. Younger, healthier individuals will normally pay less. The insurer often needs medical exams and health questionnaires to evaluate the risk.

Coverage Amount

Higher coverage amounts increase premiums as the insurer’s potential payout increases.

Term of Coverage

The term can have a cost implication. A shorter term would be cheaper than a longer one.

Lifestyle Factors

Life choices, including smoking and excessive alcohol consumption, may also be considered because they increase risk and, subsequently, premiums.

Claim History

If a person has a history of previous claims or if their line of work has a higher-than-average claim rate, this also affects premium costs.

Location

Geographical location can also affect premiums. For example, places prone to extreme weather conditions may pose additional risks for power-line work.

Why is the Term Insurance Premium for Electrical Power-Line Installers Higher?

With this occupation considered high-risk, electrical power-line installers and repairers tend to pay relatively high insurance costs. The primary reasons include:

Exposure to Electrical Hazards

The possibility of an electric shock or electrocution remains relatively high. This enhances the likelihood of a claim.

Work at Heights

Most tasks require working at great heights, which increases the risk of falls and serious injuries.

Variable Working Conditions

Weather conditions and other environmental elements might impact safety, contributing to a risk profile

Accident Potential

The job often requires significant machinery and equipment, which might increase the chances of accidents.

Unique Term Insurance Option From ACKO

ACKO Life Flexi Term Plan is a modern, highly flexible, customer-centric solution for long-term financial protection. Under this plan, policyholders can make modifications to the policy, including:

Adjusting the Sum Assured or Policy Term: This allows an increase or decrease in coverage for life circumstances, such as getting married, buying a house, or having children.
Adding or changing riders
Changes to your personal details (address, phone number)
Update nominee details and payout modes
Raise claims- All through the mobile ACKO App.

Frequently Asked Questions

What is term insurance?

Term insurance is a type of life insurance that provides life coverage for a specific period. In case of insured death during this term, the nominee will receive the sum assured.

Why does an electrical power-line installer need term insurance?

Term insurance will ensure that the family is financially guaranteed in case of any accident or untimely death.

How much cover do I need?

Consider your living costs, liabilities, and future requirements to ascertain suitable coverage.

How does one determine the term insurance premiums?

Premiums depend on age, occupation, health, coverage amount, and the number of years the policy is issued.

Can one change term insurance later?

Yes, many insurers allow policy changes, but it's essential to review the terms with your provider beforehand.

Written by Neviya Laishram

1.7K Linkedin Followers

Reviewed by Vaibhav Kumar Kaushik

A senior editor with years of expertise, she fine-tunes content that connects, converts, and builds trust. She transforms heavy life insurance concepts into clear, aha-moment reads. Writing is her passion, and thinking ahead is second nature. When not wrangling words, she’s crushing game levels because every challenge is a puzzle waiting to be solved.